The holidays are coming fast, and with them, the end of another year. Traditionally, it is also the most popular time for charitable giving by people and companies. Whether motivated by the good cheer that the holidays bring or shrewd year-end tax planning, it will hopefully mean an influx of cash for non-profit organizations (NPOs), which will enable them to continue their important work.
However, NPOs are often woefully short on the resources needed to collect, apply, and account for any increase in cash contributions. Additionally, these organizations often do not possess the robust accounting software to process contribution transactions or maintain donor records. The implications of a delay or a failure to properly record year-end contributions in a timely manner can be significant in terms of relationships with major donors or reporting to tax authorities.
While it may not be practical to upgrade systems in what remains of 2014, it may be the perfect time to plan and prepare for an upgrade of accounting software. For many NPOs, after the year-end giving season is over, there is a lull in activity. That lull can be the perfect time to research, select, and implement new software that can streamline the contribution process, facilitate connections to new donors, expand social media presence, and improve reporting to stakeholders or regulatory agencies.
New cloud-based software products can provide robust accounting and donor management capabilities, with minimal investment in IT infrastructure and resources. In addition to improving internal processes, new cloud-based software can improve connectivity with existing donors via integration with mobile apps, as well as provide an enhanced Internet and social media presence, which is critical to reaching new donors, particularly younger ones.
‘Tis the season for giving — and planning — and, of course, being of good cheer.
Learn more about Acumatica’s cloud-based non-profit solution.